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Timeless Hospitality TIMELESS HOSPITALITY THE KINGSBURY PLC Annual Report 2013/14 TIMELESS HOSPITALITY Step into The Kingsbury and step back in time to an era of grace and elegance, when nobility was celebrated and tradition ruled. Discover for yourself how in just one year we have come to represent all that is gracious and sophisticated in the hospitality industry - an icon of award-winning style now benchmarked across the city and beyond. The Kingsbury. Timeless Hospitality. ANNUAL REPORT 2013/14 1 THE KINGSBURY PLC CONTENTS Financial Highlights Chairman’s Review Managing Director’s Review Board of Directors Sustainability Culture Takes Root Corporate Governance Risk Management Annual Report of the Board of Directors on the Affairs of the Company Statement of Director’s Responsibilities Audit Committee Report Independent Auditor’s Report Income Statement Statement of Comprehensive Income Statement of Financial Position Statement of Changes in Equity Cash Flow Statement Notes to the Financial Statements Information to Shareholders Financial Summary Notice of Meeting Form of Proxy Corporate Structure 2 ANNUAL REPORT 2013/14 BASK Bask in the sunshine, close your eyes and relax in one of the sun loungers surrounding the pool area. A day at the poolside is the perfect way to relax on a tropical sunny day. TASTE Our restaurants serve global cuisine to world class standards of flavour excellence. Discover just how many essences and aromas that you haven’t yet experienced. RELAX Give into the hands of our expert masseurs as they soothe tired aching muscles and relieve muscular tension. All massages have been designed to rejuvenate your spirit and soul. TRAIN Help yourself to a full-body workout at our fully-equipped fitness centre and let our qualified fitness trainers assist you with crafting a customised work-out plan to suit your requirements. WORK With extensive meeting facilities, state-of-the-art equipment and highly professional staff, The Kingsbury offers a wide range of services and facilities to cater to all your business needs. SEAL YOUR LOVE From wedding cakes to decorations, our wedding planner will simplify planning and make your special day everything you have ever imagined. 3 THE KINGSBURY PLC “Every experience at The Kingsbury is infused with timeless elegance and grace. Our professional and warm staff take great pains to ensure that every occasion is picture perfect, causing our customers to linger on, unable to end an unforgettable evening.” 4 THE KINGSBURY PLC FINANCIAL HIGHLIGHTS 2013/14 2012/13 % Change Highlights Rs.’000 Rs.’000 Financials Revenue 2,143,285 195,601 996% Gross Profit /(Loss) 486,739 (314,677) 255% Profit/(Loss) Before Tax 32,607 (501,184) 107% Profit/(Loss) After Tax 31,733 (448,713) 107% Per Share Earnings (Basic) (Rs.) 0.15 (2.26) 107% Market Value (Year Ended) (Rs.) 6.90 5.57 24% Net Assets (Year Ended) (Rs.) 12.80 13.40 (4%) “All our venues offer singular experiences that pamper and cocoon our customers in the lap of luxury. We envisioned The Kingsbury to be an iconic luxury destination that redefines opulence and a premium guest experience - and that is just what we deliver... every single time.” 5 THE KINGSBURY PLC CHAIRMAN’S REVIEW Dear Shareholder, address this. The continued development of transportation infrastructure is essential, I am pleased to present the Annual Report and Audited Financial Statements of The particularly to connect tourism hot spots in the Eastern Province along with the Kingsbury PLC , for the year ended 31st March 2014. development of domestic air transportation. The year under review marked the successful completion of the first year of operations of The Commonwealth Head of Government Meeting (CHOGM) which was held in the hotel under its new brand “The Kingsbury”. November 2013, received wide international media coverage on our beautiful country. As hosts to the international delegates, we take pride in partnering in this historical event, Our efforts in positioning the hotel as a luxury city hotel in Colombo was acknowledged where Sri Lanka took over the Commonwealth Chair-in-Office amongst its 53 member by the World Luxury Awards, where “The Kingsbury” was bestowed with the title “Best states for a two year period. Luxury City Hotel in the Indian Ocean Continent” for the year 2013. Global recognition in the hotel’s first year of operations after refurbishment and expansion is indeed Performance Review noteworthy. The hotel posted an impressive revenue of Rs. 2.2 Bn in 2013/14, the highest ever in its history. Operating profit for the year was Rs. 303 Mn. However, Profit After Tax for the Industry overview year was Rs. 33 Mn, largely due to the significant finance costs amounting to Rs. 282 Mn. The Government’s strategic initiatives of targeting 2.5 million tourist arrivals per annum by the year 2016, with plans of doubling hotel room capacity to 45,000, augurs well for the The hotel successfully completed a rights issue, raising Rs. 660 Mn as equity during the industry. year under review. Sri Lanka witnessed a surge in tourism this year, with 1.27 Mn arrivals in 2013, a growth This year as well we focused on investing in our people, training them in internationally of 26.7%. Earnings from tourism also increased, reaching US$ 1.7 billion. Along with accredited institutions, to keep them abreast with new trends in delivering world class traditional markets in Western Europe, we are encouraged by the growth in emerging service. Throughout the year we have continually upgraded our product to consistently tourism sources such as South and East Asia and the Middle East. As the middle class exceed the expectations of our international and local clientele. in these economies continues to expand, the prospects for Sri Lankan tourism will be Looking ahead enhanced. The forthcoming entry of a number of international hotel chains into Sri Lanka is a Whilst the industry continues to hold plenty of promise, there are still issues that need reflection of the promise this industry holds. Whilst this would increase the level of to be ironed out to ensure the realisation of this promise. Access to skilled labour in this competition in the market, these world renowned brands will also raise the overall profile industry is a constant challenge and it requires a concerted effort by all stakeholders to of the Sri Lankan tourism product, which will enhance the size of the market for all players. 6 ANNUAL REPORT 2013/14 The ‘Port City’ that is taking shape just across the road from the hotel is looked upon as an opportunity, as the Kingsbury would be well located at the gateway to this new and exciting development. We are also strengthening our international marketing efforts in emerging markets in the Asian region, particularly China & India, catering to their growing affluent middleclass. Change in Directorate Ms. I. Jamaldeen was appointed as an Alternate Director to Mr. K. D. D. Perera in July 2013. Ms. Jamaldeen has wide experience in the hospitality trade , particularly in European markets . Mr. D. E. Silva was appointed to the Board in October 2013. He currently serves as the Director Marketing and Sales of Amaya Leisure PLC and brings a wealth of experience in the hospitality trade. Appreciations I would like to place my sincere appreciation to my colleagues on the Board, whose guidance has been invaluable. I am grateful to our partners and clientele from across the globe, who have patronised the hotel and we look forward to welcoming you in the years to come. A special thank you to the Management Team and staff at all levels, for their dedication and commitment, and I trust that they would continue to serve the hotel well. A. M. Pandithage 7 THE KINGSBURY PLC MANAGING DIRECTOR’S REVIEW I wish to take this opportunity to share with our valued stakeholders the performance Overall, it is our intention to improve the standards and of your company, which has taken rapid strides during its first full year of operation, facilities of the hotel, meet the ever increasing demands of subsequent to its branding as “The Kingsbury”. Although the company succeeded in making only a nominal profit during the year, it was a remarkable recovery considering the modern day traveller and ensure The Kingsbury rating to the heavy losses incurred during the previous year, mainly due to the establishment being be at the highest possible level. shut down for refurbishment. Due to an accelerated strategic marketing and sales programme, The Kingsbury succeeded in achieving the targeted occupancy levels during the year and the outlet facilities which Extensive training programmes for employees conducted by internationally renowned includes the talk of the town Sky Lounge, the Harbour Court buffet brunch, the seafood training companies have been able to develop the skills of our management team and staff specialty The Ocean Restaurant and the authentic Chinese Yue Chuan Restaurant attracted to bring them up to the level required of a luxury hotel. many a client and made considerable contributions toward the revenue of the hotel. The newly designed banquet halls attracted many weddings and other functions. Special emphasis has been made to maintain the best of health and hygiene conditions within the entire hotel premises. This too has enabled the hotel to win many accolades Overall, it is our intention to improve the standards and facilities of the hotel, meet the from local organisations. ever increasing demands of the modern day traveller and ensure The Kingsbury rating to be at the highest possible level. I take this opportunity to record my sincere appreciation to a most dedicated management team and staff who have contributed immensely towards the success of your company. The Kingsbury being nominated as one of the world’s best luxury hotels and receiving the award of The Best Luxury City Hotel within the entire Indian Ocean continent has given strength to the entire management team.
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